Ordinance 1985-863 - Laserfiche WebLink

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.., property within the District equally, on an area basis, so that the percentage of the total costs assessed ag a ins t each acre or portion th2reof is equal to the percentage such acre or portion thereof is of all the property within the Di str ict. Section 7. Payment of Assessments. The assessments will be due and payable without demand within thirty ( 30) days from and after the final publication of the Ordinance assessing the whole cost of the Project ag a ins t the real property in the District; prov ided however, that any owner who shall pay the full assessment within said period of thirty days shall be entitled to an allowance of five percent (5%). In the event any owner of real property shall fail to pay the whole of such assessment against his or her property within said thirty (30 ) days, then the whole cost of the Project so assessed ag a ins t such property shall be payable in not more than ten (10) equal annual installments of principal. The first of such installments of principal shall be due and payable successively on the same day in each year thereafter, un til all are paid in full. The rate of interest to be paid on unpaid and deferred installments shall be at a rate not exceeding 12.00% per annum, and will be established by an ordinance to be adopted by the Council. Section 8. Special Improvement Bonds. By virtue of and pursuant to the laws of the State of Colorado, special assessment bonds of the City shall be issued for the purpose of paying the cost of the Project, in an amoun t not to exceed the cost and expenses of the Project, incl uding engineering, leg aI, and incidental expenses, as provided by law. The bonds shall be issued based upon estimates approved by the Council, and as authorized by an ordinance to be passed by the Council. The max imUffi net effective interest rate of the bonds for Special Improvement District No. 1985-1 shall not exceed 12.00% per annum. The bonds and the interest thereon shall be payable solely out of s pe cia 1 assessments to be levied ag a ins t the real property included within the District and spec i ally benefited by the proj ect. - 6 -